During the 70's, 80's and 90's, Americans spent about 27% of their income on taxes. If we were paying that rate now, $500 billion in additional taxes would be collected each year. Yes, $500 billion. That's about one-third of this year's federal deficit.

Now, conservative groups are quick to point out that this fall in tax revenue is due to a weak economy and not just lower tax rates or tax breaks. Deficit reduction advocates disagree. Either way, you gotta wonder what this country could do with an extra $500 billion dollars right about now.